This form provides boilerplate contract clauses that outline the permissibility and obligations of any successors or assigns of parties to the contract. Several different language options representing various levels of restriction are included to suit individual needs and circumstances.
Puerto Rico Negotiating and Drafting Successors and Assigns Provisions
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Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company not Puxin shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties.
Successors and Assigns means a corporation or other entity acquiring all or substantially all the stock, assets, and/or business of the Company (including this Agreement) whether by agreement, operation of law, or otherwise.
Definitions of heirs, successors and assigns the people who will receive money, property, or other assets when a person dies (=the heirs and successors) and the people to whom the heirs may in turn give that property (=the assigns), ing to the deceased's will.
Definition : Successor and Assign A natural or legal person who acquires or obtains the rights and / or obligations of another person named the "author" (e.g., the buyer of an apartment).
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company not Puxin shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties.
ISAOA is an acronym found in mortgagee clauses that stands for ?its successors and/or assigns.? It's included in the clause to stipulate that the mortgagee can transfer their rights to another bank or financial institution.
A typical successors and assigns clause might read: This agreement is binding upon and inures to the benefit of the parties and their respective heirs, successors, and assigns. This language states the agreement is binding on ?heirs, successors, and assigns,? but it might not be obvious to some what that means.
A Standard Clause, sometimes also referred to as a binding effect clause, stating the parties' intention that their respective successors and assigns be entitled to the benefits of, and subject to the obligations created by, the agreement.